Everything You Should Know About Buying Your First Cryptocurrency
If you are a novice to the cryptocurrency world and you would like to get involved, let us help you! This blog post will provide some more information on how to buy cryptocurrency and where you should be buying! We will also discuss the best starter cryptocurrency coins for beginners.
Where should I buy Cryptocurrency?
You want to ensure you do some research on different cryptocurrency exchange platforms before actually choosing to use them.
On the same note, remember that some people will have had their own personal issues with a particular cryptocurrency exchange platform, so don’t let all the negatives (if there are any) put you off. Obviously, we will be biased, and recommend www.iCE3.com for all your cryptocurrency trading needs, we also provide a Bitcoin Trading School for those who are starting from scratch and need the background knowledge before they start trading.
However, besides us, there are many other cryptocurrency exchange platforms out there, so feel free to do some research and decide which one suits you best. Buy LOW, sell HIGH.
What cryptocurrency should I buy?
Great, so you have decided that you definitely want o buy cryptocurrency and you have decided on the best exchange for you. Now you can move onto the more interesting bits, and that is deciding which cryptocurrency to buy…
We would recommend that you start with a major coin, coins like Bitcoin, Ethereum, LiteCoin and Bitcoin Cash are examples of this.
iCE3X list all these coins. Here are some reasons for suggesting the purchase of a major coin first:
- Because investing in and hold a Major Coin in the hope it rises in value over time.
- You want to buy a Major Coin to use as a form of real currency to make purchases.
- You want to buy a Major Coin to use as a means of buying an Alt-Coin.
How do I buy?
The sign-up and registration process for most cryptocurrency exchange platforms are pretty straightforward. Firstly, you have to go to the site you have chosen, and then you simply need to move through the sign-up process. Once you have verified your account you will then be permitted to start purchasing Cryptocurrency.
Once you are signed up you will most probably have to deposit money into your account, this might take some time to clear, and then it is all up to you, start trading, or buying the coin of your preference. (Remember to seek financial advice before trading or if you are unsure.)
How do I keep my funds safe?
Wallets largely come in two forms; Hardware-based or Software-based.
Hardware wallets are like USB sticks that have their own form of security required to access the information/currency in them. Hardware wallets exist to protect against hackers. This is probably the safest place to store Cryptocurrency.
What do we offer is Ledger Nano S hardware wallet. The reason is, we already tested it and we know that is safe and it can keep many cryptocurrencies. You can win hardware wallet Ledger Nano S for free!
Software wallets are currently more popular simply because they are free and more convenient.
They are on the whole very secure and are difficult to hack. However, since they are stored online or on your computer and in some way linked to the Internet there will almost always be the potential for being hacked.
When selecting a wallet to use you MUST only use a Wallet that supports your currency. If you don’t, you could lose your funds when transferred. Spend some time at this stage searching the web for Wallets that support your chosen currency and that are quite clearly safe, authentic and reliable.
Bitcoin pro-tip: An exchange is not an acceptable substitute for a wallet. Coins stored on an exchange are not really your coins. Store them in a wallet where YOU control the private keys.
— Bitcoin (@Bitcoin) April 13, 2018
Finally, do your research daily…
There are many crypto traders out there who are willing to share their knowledge and insight into trading cryptocurrency.
Make sure you make use of online tools such as YouTube, Twitter, and https://Ice3X.co.za blog website to keep up to date with what is going on in the industry as well.
We hope this blog has given you a quick overview of where to start!